What’s financial abuse and what are the warning signs?

Abuse can take many different forms. One that may be less easily visible but still seriously damaging is financial abuse. This occurs when someone wields money and access to it as a form of control over someone else. It can look like aggressively monitoring spending, forcing reliance on them for cash, withholding access to funds or even actively sabotaging employment opportunities or financial standing.

Financial abuse is unfortunately not so uncommon — research indicates that it occurs in “99% of domestic violence cases,” said the National Network to End Domestic Violence (NNEDV). This form of abuse can often perpetuate a given situation, too, as “surveys of survivors reflect that concerns over their ability to provide financially for themselves and their children was one of the top reasons for staying in or returning to an abusive partner.”

What is financial abuse?

Financial abuse, also referred to as economic abuse, is “where a partner — or ex-partner — controls money and finances, taking over the decisions on anything from spending and bills to bank accounts and loans,” said The Money Pages, a financial website. At its root, financial abuse is typically about control over another individual, as overseeing or restricting a victim’s access to necessary financial resources can force them to be dependent on the abuser.

This form of abuse “rarely happens in isolation and usually occurs alongside other forms of abuse, including physical, sexual and psychological abuse,” said Surviving Economic Abuse, a registered charity for the cause.

What are some of the warning signs of financial abuse?

Since financial abuse “doesn’t always involve physical harm, it’s often hard to recognize, even by its victims,” said TD Bank. Abusers may use a “wide range of tactics to gain and maintain financial control,” which can also make it harder to identify confidently.

Common signs of financial abuse can range from fairly subtle to more overt, including:

• Control or intense scrutiny over any spending
• Restriction of access to funds and accounts
• Secretiveness or refusal to share information about financial situation
• Sabotage of or interference with your ability to work
• Theft of your income or other property
• Refusal to contribute to or help with household costs, or other misuse of funds
• Accrual of debt in your name, or other damage to your financial standing

What can you do if you or someone you know is a victim?

If you believe that you or someone you know is the victim of financial abuse, it is important to get help. There are a number of resources available to turn to:

The NNEDV's Financial Abuse Toolkit

The National Domestic Violence Hotline

Local programs that support victims of financial abuse

Understand that getting out of the situation can be difficult, and even risky, but it is possible to do so. Communication is critical, as is slowly taking steps to find financial safety once again, whether that means changing passwords, ensuring access to independent resources going forward or seeking out expert guidance and support to rebuild.